This chapter illustrates Vygotsky’s approach to play and toys. Functions and characteristics of traditional and modern toys are considered. Traditional toys, which tend to be open-ended, favor a child’s psychological, biological and social development in a way closed-ended, hi-tech toys do not. We will also discuss a method of psychological examination of toys. The so-called electronic toys, videogames, Wii u consoles, Xbox, iPod, iPad, tablets and cell phones are becoming popular among children. The contemporary rise of tech toys presents a new developmental situation. It is important to pay attention and to study the impact that these kinds of activities may have on the development of young children.